IRNA/ Iran, Indonesia establish joint oil products export company

SHAFAQNA (Shia International News Association)- The Iranian and Indonesian state oil companies agreed to establish a joint company exclusively for export of Iranian oil products and petrochemical products to Indonesia, an Iranian official said here Friday.

“Establishing a joint firm by Iran and Indonesia to export of Iranian oil products and petrochemical products was agreed subsequent to the signing of two memoranda of understanding (MOUs) between the two countries,” Mehdi Sharifi-Niknafs, the managing director of National Iranian Petrochemical Commercial Company (NIPCC) said in a press conference today.

The Iranian petrochemical firm’s head said Jakarta is interested in importing oil products and petrochemicals from Iran, following the drastic decrease of Indonesia’s oil output during the course of the past few years.

“We are planning to build storage tanks in one of the free zones of this country (Indonesia) in the coming months,” Sharifi Niknafs pointed out.

Iran has stated that it is determined to become the biggest petrochemical producer in the Middle East within a short period time.

The country has significantly expanded the range and volume of its petrochemical production in recent years, and the National Iranian Petrochemical Company (NIPC) became the 2nd largest producer and exporter of petrochemical products in the Middle East after Saudi Arabia in 2013.